S.Amdt. 3680

SA 3680. Mr. LEE submitted an amendment intended to be proposed by
him to the bill S. 1182, to extend the National Flood Insurance
Program, and for other purposes; which was ordered to lie on the table;
as follows:

At the end, add the following:

SEC. 3. ELIMINATION OF COVERAGE FOR HIGH-COST RESIDENTIAL
PROPERTIES.

Section 1305 of the National Flood Insurance Act of 1968
(42 U.S.C. 4012) is amended by adding at the end the
following:
``(e) Prohibition of Coverage for High-cost Residential
Properties.--
``(1) In general.--The Administrator may not make available
flood insurance under this title for any single-family
residential structure--
``(A) that is built after the date of enactment of this
subsection; and
``(B) with respect to which the replacement cost is not
less than $2,500,000.
``(2) Definitions.--In this subsection--
``(A) the term `replacement cost', with respect to a
structure, means the replacement value of the structure at
the time of construction, exclusive of the value of the real
estate on which the structure is located; and
``(B) the term `single-family residential structure' means
a non-commercial, residential building that is a primary or
secondary residence and is designed for the occupancy of 4 or
fewer residences.''.
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